April inflation report shows prices rose 8.3% over last year, and gas prices hit a record average of $4.40 per gallon, as per the Consumer Price Index Summary released by the U.S. Labor Department today.
The CPI measures the change in prices paid by consumers for goods and services.
Though the rise is not as high as the 8.5% spike of March, it is still at the highest level of inflation in 40 years and prices are soaring.
The increase in the indexes for shelter, food, airline fares, and new vehicles were the primary contributing factors in the all items price index hike.
The energy index rose 30.3 percent over last year while the food index rose 9.4 percent, the highest 12-month increase since April 1981.
While talking about inflation yesterday, President Biden blamed the Covid-19 pandemic and the Russia Ukraine war as the contributing factors that affected the economy. He laid out his plans to tackle inflation and said that he knew how much it hurt the American people.
The Federal Reserve increased its key policy interest rates by half a percentage point last week for the first time in 22 years to bring inflation under control.